How Paragon works is, once any character reaches level 60, all experience gained after that point from monsters will add to Paragon levels, with a cap of 100. Every Paragon level rewards with core stats (Str, Dex, Int, Vit) and 3% Magic and Gold Find. The portrait will also reflect the Paragon levels earned with a new, stacking border. Though it's not level 61, getting a first Paragon level will require about as much work as 59-60, and will get harder from there. You are going to be in it for the long haul if you want to get maximum Paragon. To compensate, Gold/Magic Find are being capped at 300% by level 100, meaning you can drop the Find items by the time you don't need it anymore.

Further questions are answered at the Diablo III blog, including a diagram of what Paragon levels will look like to players.